136 ST ENGINEERING / ABOVE & BEYOND

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1 136 ST ENGINEERING / ABOVE & BEYOND Independent auditors report Members of the Company Singapore Technologies Engineering Ltd Report on the financial STATEMENTS We have audited the accompanying financial statements of Singapore Technologies Engineering Ltd (the Company ) and its subsidiaries (collectively the Group ), which comprise the balance sheets of the Group and the Company as at, the statements of changes in equity of the Group and the Company, the consolidated income statement, the consolidated statement of comprehensive income and the consolidated statement of cash flows of the Group for the year then ended, and a summary of significant accounting policies and other explanatory information, as set out on pages 137 to 269. Management s responsibility for the financial STATEMENTS Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the provisions of the Singapore Companies Act, Chapter 50 (the Act ) and Singapore Financial Reporting Standards, and for devising and maintaining a system of internal accounting controls sufficient to provide a reasonable assurance that assets are safeguarded against loss from unauthorised use or disposition; and transactions are properly authorised and that they are recorded as necessary to permit the preparation of true and fair profit and loss accounts and balance sheets and to maintain accountability of assets. Auditors responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Singapore Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the consolidated financial statements of the Group and the balance sheet and statement of changes in equity of the Company are properly drawn up in accordance with the provisions of the Act and Singapore Financial Reporting Standards to give a true and fair view of the state of affairs of the Group and of the Company as at, the changes in equity of the Group and of the Company, and the results and cash flows of the Group for the year ended on that date. Report on other legal and REGULATORY requirements In our opinion, the accounting and other records required by the Act to be kept by the Company and by those subsidiaries incorporated in Singapore of which we are the auditors have been properly kept in accordance with the provisions of the Act. KPMG LLP Public Accountants and Chartered Accountants Singapore 26 February 2015

2 137 ANNUAL REPORT 2014 Consolidated Income Statement for the year ended (Currency - Singapore dollars) Group Note $ 000 $ 000 Revenue 4 6,539,433 6,633,152 Cost of sales (5,220,934) (5,201,083) Gross profit 1,318,499 1,432,069 Distribution and selling expenses (180,309) (175,908) Administrative expenses (467,687) (466,598) Other operating expenses (115,530) (116,348) Profit from operations 5 554, ,215 Other income 45,175 40,095 Other expenses (5,000) (5,907) Other income, net 8 40,175 34,188 Finance income 43,550 68,911 Finance costs (45,197) (77,704) Finance costs, net 9 (1,647) (8,793) Share of results of associates and joint ventures, net of tax 57,182 31,082 Profit before taxation 650, ,692 Taxation 10 (113,693) (138,145) Profit for the year 536, ,547 Attributable to: Shareholders of the Company 531, ,834 Non-controlling interests 5,038 10, , ,547 Earnings per share (cents) 11 Basic Diluted The accompanying notes are an integral part of the financial statements.

3 138 ST ENGINEERING / ABOVE & BEYOND Consolidated Statement of Comprehensive Income for the year ended (Currency - Singapore dollars) Group Note $ 000 $ 000 Profit for the year 536, ,547 Other comprehensive income Items that are or may be reclassified subsequently to profit or loss: Net fair value changes on available-for-sale financial assets 36 (2,020) (7,931) Net fair value changes on cash flow hedges (58,327) 48,592 Share of net fair value changes on cash flow hedges of an associate (9,891) Foreign currency translation differences 19,968 45,993 Share of foreign currency translation differences of associates and joint ventures 36 1,336 10,395 Reclassification of foreign currency translation reserve to profit or loss arising from disposal of foreign entities (205) Other comprehensive income for the year, net of tax (48,884) 96,844 Total comprehensive income for the year, net of tax 488, ,391 Total comprehensive income attributable to: Shareholders of the Company 482, ,953 Non-controlling interests 44 5,584 13, , ,391 The accompanying notes are an integral part of the financial statements.

4 139 ANNUAL REPORT 2014 Balance Sheets as at (Currency - Singapore dollars) Group Company Note $ 000 $ 000 $ 000 $ 000 ASSETS Non-current assets Property, plant and equipment 12 1,577,523 1,520,404 4,568 1,434 Subsidiaries 13 1,197, ,728 Associates and joint ventures , ,139 17,657 17,657 Investments , ,033 Intangible assets , ,408 Long-term receivables, non-current 17 2,735 12,528 Finance lease receivables, non-current ,679 Deferred tax assets ,318 95,634 7,000 7,200 Amounts due from related parties, non-current 22 4,806 7,430 50, ,874 Derivative financial instruments, non-current 43 24,263 39, ,993,203 2,945,233 1,277,022 1,212,970 Current assets Inventories and work-in-progress 20 1,802,073 1,807,509 Trade receivables 21 1,319,101 1,221,937 Amounts due from related parties, current 22 66,382 40, , ,498 Advances and other receivables , ,210 3,597 9,827 Long-term receivables, current 17 11,375 12,508 Finance lease receivables, current 18 6,872 16,447 Short-term investments , ,581 Bank balances and other liquid funds 25 1,470,723 1,930, , ,124 5,326,103 5,761, , ,449 Total assets 8,319,306 8,706,641 2,182,565 2,197,419 EQUITY AND LIABILITIES Current liabilities Advance payments from customers, current 809, ,895 Trade payables and accruals, current 26 1,667,180 1,604,740 26,961 25,017 Amounts due to related parties, current 27 29,364 24, ,988 98,946 Provisions , ,910 Progress billings in excess of work-in-progress , ,725 Provision for taxation 164, ,139 8,112 11,666 Short-term bank loans 29 29, ,842 Long-term bank loans, current 29 43, ,789 Lease obligations, current 29 1,126 1,321 Other loans, current ,715,944 4,093, , ,629 Net current assets 1,610,159 1,667, , ,820

5 140 ST ENGINEERING / ABOVE & BEYOND Balance Sheets as at (Currency - Singapore dollars) Group Company Note $ 000 $ 000 $ 000 $ 000 Non-current liabilities Advance payments from customers, non-current 899, ,496 Trade payables and accruals, non-current , ,701 17,006 18,817 Deferred tax liabilities ,484 94,867 Bonds , ,283 Long-term bank loans, non-current , ,867 Lease obligations, non-current 29 17,547 18,150 Other loans, non-current Deferred income 30 98,759 83,695 Other long-term payables, non-current 31 1,000 1,500 Derivative financial instruments, non-current 43 11,260 22,515 Amounts due to related parties, non-current 27 1, , ,192 2,338,752 2,353, , ,009 Total liabilities 6,054,696 6,446, , ,638 Net assets 2,264,610 2,259,914 1,526,085 1,489,781 Share capital and reserves Share capital , , , ,611 Treasury shares 33 (6,529) (6,529) Capital reserves , ,323 Other reserves 36 (92,057) (44,651) 74,865 72,754 Retained earnings 37 1,225,040 1,191, , ,416 Equity attributable to owners of the Company 2,132,203 2,116,241 1,526,085 1,489,781 Non-controlling interests , ,673 2,264,610 2,259,914 1,526,085 1,489,781 Total equity and liabilities 8,319,306 8,706,641 2,182,565 2,197,419 The accompanying notes are an integral part of the financial statements.

6 141 ANNUAL REPORT 2014 Statements of Changes in Equity for the year ended (Currency - Singapore dollars) Note Share capital Capital reserves Other reserves Retained earnings Total Noncontrolling interests Total equity $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 The Group At , ,323 (136,121) 1,132,644 1,894, ,895 2,012,582 Total comprehensive income for the year Profit for the year 580, ,834 10, ,547 Other comprehensive income Net fair value changes on available-for-sale financial assets 36 (7,931) (7,931) (7,931) Net fair value changes on cash flow hedges 49,401 49,401 (809) 48,592 Foreign currency translation differences 36 42,459 42,459 3,534 45,993 Share of foreign currency translation differences of associates and joint ventures 36 10,395 10,395 10,395 Reclassification of foreign currency translation reserve to profit or loss arising from disposal of a foreign entity 36 (205) (205) (205) Other comprehensive income for the year, net of tax 94,119 94,119 2,725 96,844 Total comprehensive income for the year, net of tax 94, , ,953 13, ,391 Transactions with owners of the Company, recognised directly in equity Contributions by and distributions to owners of the Company Issue of shares 70,770 (18,624) 52,146 52,146 Capital contribution by non-controlling interests 22,761 22,761 Cost of share-based payment 15,490 15, ,598 Return of capital by a subsidiary (1,354) (1,354) Dividends paid 38 (521,290) (521,290) (521,290) Dividends paid to non-controlling interests (12,767) (12,767) Loans forgiven by non-controlling interests Total contributions by and distributions to owners of the Company 70,770 (3,134) (521,290) (453,654) 9,231 (444,423) Changes in ownership interests in subsidiaries Acquisition of subsidiaries with non-controlling interests 3,109 3,109 Disposal of a subsidiary Total transactions with owners of the Company 70,770 (2,879) (521,290) (453,399) 12,340 (441,059) Transfer from retained earnings to statutory reserve 230 (230) At , ,323 (44,651) 1,191,958 2,116, ,673 2,259,914

7 142 ST ENGINEERING / ABOVE & BEYOND Statements of Changes in Equity for the year ended (Currency - Singapore dollars) The Group Note Share Treasury Capital Other Retained Noncontrolling Total capital shares reserves reserves earnings Total interests equity $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 At , ,323 (44,651) 1,191,958 2,116, ,673 2,259,914 Total comprehensive income for the year Profit for the year 531, ,952 5, ,990 Other comprehensive income Net fair value changes on available-for-sale financial assets 36 (2,020) (2,020) (2,020) Net fair value changes on cash flow hedges (57,327) (57,327) (1,000) (58,327) Share of net fair value changes on cash flow hedges of an associate (9,891) (9,891) (9,891) Foreign currency translation differences 36 18,422 18,422 1,546 19,968 Share of foreign currency translation differences of associates and joint ventures 36 1,336 1,336 1,336 Reclassification of foreign currency translation reserve to profit or loss arising from disposal of foreign entities Other comprehensive income for the year, net of tax (49,430) (49,430) 546 (48,884) Total comprehensive income for the year, net of tax (49,430) 531, ,522 5, ,106 Transactions with owners of the Company, recognised directly in equity Contributions by and distributions to owners of the Company Issue of shares 36,815 (19,559) 17,256 17,256 Capital contribution by non-controlling interests 9,368 9,368 Cost of share-based payment 21,574 21, ,670 Purchase of treasury shares 33 (6,529) (6,529) (6,529) Dividends paid 38 (498,857) (498,857) (498,857) Dividends paid to non-controlling interests (18,193) (18,193) Total contributions by and distributions to owners of the Company 36,815 (6,529) 2,015 (498,857) (466,556) (8,729) (475,285) Changes in ownership interests in subsidiaries Acquisition of non-controlling interests in subsidiaries representing total changes in ownership interests in subsidiaries that do result in a loss of control (194) (194) Acquisition of subsidiaries with noncontrolling interests Deconsolidation of a subsidiary (8,656) (8,656) Disposal of subsidiaries (4) (4) (4) Total transactions with owners of the Company 36,815 (6,529) 2,011 (498,857) (466,560) (16,850) (483,410) Transfer from retained earnings to statutory reserve 13 (13) At ,426 (6,529) 116,323 (92,057) 1,225,040 2,132, ,407 2,264,610

8 143 ANNUAL REPORT 2014 Statements of Changes in Equity for the year ended (Currency - Singapore dollars) Note Share capital Treasury shares Share-based payment reserve Retained earnings Total $ 000 $ 000 $ 000 $ 000 $ 000 The Company At ,841 75, ,390 1,400,011 Total comprehensive income for the year Profit for the year 543, ,316 Total comprehensive income for the year 543, ,316 Transactions with owners of the Company, recognised directly in equity Contributions by and distributions to owners of the Company Issue of shares 70,770 (18,624) 52,146 Cost of share-based payment 15,598 15,598 Dividends paid 38 (521,290) (521,290) Total contributions by and distributions to owners of the Company 70,770 (3,026) (521,290) (453,546) At ,611 72, ,416 1,489,781 At ,611 72, ,416 1,489,781 Total comprehensive income for the year Profit for the year 502, ,764 Total comprehensive income for the year 502, ,764 Transactions with owners of the Company, recognised directly in equity Contributions by and distributions to owners of the Company Issue of shares 36,815 (19,559) 17,256 Cost of share-based payment 21,670 21,670 Purchase of treasury shares 33 (6,529) (6,529) Dividends paid 38 (498,857) (498,857) Total contributions by and distributions to owners of the Company 36,815 (6,529) 2,111 (498,857) (466,460) At ,426 (6,529) 74, ,323 1,526,085 The accompanying notes are an integral part of the financial statements.

9 144 ST ENGINEERING / ABOVE & BEYOND Consolidated Statement of Cash Flows for the year ended (Currency - Singapore dollars) Cash flows from operating activities Group $ 000 $ 000 Profit before taxation 650, ,692 Adjustments: Share of results of associates and joint ventures, net of tax (57,182) (31,082) Depreciation charge 154, ,176 Property, plant and equipment written off 885 1,386 Gain on disposal of property, plant and equipment (1,310) (430) Gain on disposal of an investment property (12,548) Gain on disposal of investments (2,640) (6,154) (Gain)/loss on disposal of subsidiaries (519) 50 (Gain)/loss on disposal of associates and a joint venture (2,797) 318 Gain on bargain purchase (47) Impairment losses on goodwill 10,829 2,141 Impairment losses on other intangible assets 3, Impairment losses on property, plant and equipment 1, Impairment losses on quoted and unquoted investments Impairment losses on associates 2,108 5,539 Impairment loss on loan to an associate 2,892 Impairment loss on progressive payments to contractor 7,109 Share-based payment expense 21,670 15,598 Changes in fair value of financial instruments and hedged items (15,592) (3,174) Changes in fair value of financial instruments held for trading (152) (107) Interest expenses 37,874 44,240 Interest income (23,629) (23,320) Dividends from investments (2) (1) Amortisation of other intangible assets 16,188 14,868 Operating profit before working capital changes 805, ,818 Changes in: Inventories and work-in-progress 17,475 4,904 Progress billings in excess of work-in-progress 10,809 (26,476) Trade receivables (91,592) (61,792) Advance payments to suppliers (27,658) 26,292 Other receivables, deposits and prepayments 34,891 36,296 Amount due from holding company and related corporations balances (21,499) (7,495) Amount due to holding company and related corporations balances 12,065 (6,962) Amount due from associates (4,508) (7,385) Amount due from joint ventures (9,122) 10,439 Trade payables 43, ,060 Advance payments from customers (19,001) 18,648 Other payables, accruals and provisions (37,263) 8,777 Loans to staff and third parties 12,191 11,735 Deferred income 7,224 35,432 Foreign currency translation of foreign operations 52 6,885 Cash generated from operations 733,452 1,020,176 Interest received 23,662 19,595 Income tax paid (132,792) (109,978) Net cash from operating activities 624, ,793

10 145 ANNUAL REPORT 2014 Consolidated Statement of Cash Flows for the year ended (Currency - Singapore dollars) Cash flows from investing activities Group Note $ 000 $ 000 Proceeds from sale of property, plant and equipment 4,543 10,166 Proceeds from sale of an investment property 22,000 Proceeds from sale and maturity of investments 147, ,419 Proceeds from disposal of an associate and a joint venture 3,280 1,200 Proceeds from insurance settlement 5,220 Loan to associates (640) Loan to a joint venture (272) (3,136) Repayment of loan from joint ventures 3,887 Dividends from associates and joint ventures 38,840 39,596 Dividends from investments 2 1 Purchase of property, plant and equipment (223,771) (282,121) Purchase of investments (90,172) (66,623) Investments in associates (7,924) Investments in joint ventures (622) (9,385) Acquisition of other intangible assets (30,878) (67,079) Acquisition of controlling interests in subsidiaries and business, net of cash acquired (67) (9,877) Deconsolidation of a subsidiary 44 (35,896) Net cash used in investing activities (157,489) (257,763) Cash flows from financing activities Capital contribution from non-controlling interests of subsidiaries 9,368 22,761 Repayment of other loans (369) (335) Repayment of bank loans (471,990) (172,596) Repayment of lease obligations (1,550) (726) Repayment of loan to a joint venture (824) Proceeds of a loan from a joint venture 836 Proceeds from bank loans 80, ,898 Proceeds from issue of shares 17,256 52,146 Purchase of treasury shares (6,529) Payment to non-controlling interest for reduction of share capital (1,354) Acquisition of non-controlling interests in a subsidiary (194) Dividends paid to shareholders of the Company (498,857) (521,290) Dividends paid to non-controlling interests (18,193) (12,767) Interest paid (34,504) (40,346) Deposits discharged 1,105 2,025 Net cash used in financing activities (924,846) (469,748) Net (decrease)/increase in cash and cash equivalents (458,013) 202,282 Cash and cash equivalents at beginning of the year 1,920,924 1,700,950 Exchange difference on cash and cash equivalents at beginning of the year (299) 17,692 Cash and cash equivalents at end of the year 25 1,462,612 1,920,924

11 146 ST ENGINEERING / ABOVE & BEYOND Consolidated Statement of Cash Flows for the year ended (Currency - Singapore dollars) Acquisitions of controlling INTERESTS in subsidiaries in 2014 During the year, the Group acquired the following companies: (i) On 20 May 2014, the Group acquired 100% of Aviation Academy of America, Inc. ( AAA ) for a cash consideration of US$811,000. AAA specialises in the provision of flight training services for pilots. In the seven months to, AAA contributed revenue of $15,000 and loss of $416,000. If the acquisition had occurred on 1 January 2014, management estimates that the contributions to consolidated revenue and net profit would be immaterial. In determining these amounts, management has assumed that the fair value adjustments that arose on the date of acquisition would have been the same if the acquisition had occurred on 1 January The allocation of the purchase price to the identifiable assets acquired and liabilities assumed in the business combination has been completed with $996,000 of intangible assets recognised on acquisition. (ii) On 30 December 2014, the Group acquired additional interest of 1% in an associate, GFM Electronics S.A. de C.V. ( GFME ) for a cash consideration of $713,000. GFME provides design and implementation, distribution and sales of high technology systems, services and products, in the communications area, as well as electronics systems. As a result of the additional interest acquired, the Group increased its equity interest in GFME from 50% to 51%. The Group was deemed to have acquired control of GFME and accounted for the additional investment as an acquisition of a subsidiary. If the acquisition had occurred on 1 January 2014, management estimates that the contributions to consolidated revenue and net profit would have been $0.17 million and $0.15 million respectively. In determining these amounts, management has assumed that the fair value adjustments that arose on the date of acquisition would have been the same if the acquisition had occurred on 1 January 2014.

12 147 ANNUAL REPORT 2014 Consolidated Statement of Cash Flows for the year ended (Currency - Singapore dollars) Acquisitions of controlling interests in subsidiaries in 2014 (continued) The acquisitions had the following effect on the Group s assets and liabilities on acquisition date: Carrying Recognised on amount before acquisition acquisition $ 000 $ 000 Property, plant and equipment Intangible assets 1, Trade receivables Advances and other receivables Cash and cash equivalents 1, , Trade payables and accruals (359) (606) (359) (606) Net identifiable assets 2, Non-controlling interests (729) Net identifiable assets, after non-controlling interests 1,777 Gain on bargain purchase (47) Total purchase consideration 1,730 Total purchase consideration: Cost of acquisitions 1,693 Fair value of pre-existing interest in the acquiree 37 1,730 Cash outflow on acquisitions in 2014: Cost of acquisitions (1,693) Cash to be paid in subsequent year 371 Net cash acquired with the subsidiaries 1,255 Net cash outflow on acquisition (67)

13 148 ST ENGINEERING / ABOVE & BEYOND Consolidated Statement of Cash Flows for the year ended (Currency - Singapore dollars) Acquisitions of controlling INTERESTS in a subsidiary and business in 2013 In the prior year, the Group acquired the following subsidiary and business: (i) (ii) On 22 July 2013, the Group acquired 90% of Technicae Projetos e Serviços Automotivos Ltda. ( Technicae ) for a cash consideration of $612,000. On 27 December 2013, the Group acquired the manufacturing assets, intellectual property and relevant manufacturing expertise from Ticel Equipamentos Ltda, a Brazilian construction equipment company, for a total cash consideration of $9,284,000. Following the completion of the final purchase price allocation during the financial year, the Group made adjustments to the provisional fair value originally recorded in the prior year. The effect of the adjustments made during the 12-month period from acquisition date (the Window Period ) is set out below: Fair values recognised on acquisition (provisional) 2013 Adjustments during Window Period 2014 Fair values recognised on acquisition (final) 2014 $ 000 $ 000 $ 000 Property, plant and equipment Intangible assets 5,705 (741) 4,964 Inventories and work-in-progress 3 3 Advances and other receivables 4 4 Cash and cash equivalents ,131 (741) 5,390 Trade payables and accruals (132) (132) Deferred tax liabilities (1,939) 252 (1,687) (2,071) 252 (1,819) Net identifiable assets 4,060 (489) 3,571 Non-controlling interests (11) (11) Net identifiable assets, after non-controlling interests 4,049 (489) 3,560 Goodwill arising on consolidation 5, ,336 Total purchase consideration 9,896 9,896 Cash outflow on acquisitions: Cost of acquisitions (9,896) (9,896) Net cash acquired with the subsidiary and business Net cash outflow on acquisition (9,877) (9,877) Purchase price adjustments, which are non-cash in nature, made during the Window Period have not been applied retrospectively as these adjustments, which relate mainly to balance sheet effects and certain consequential income statement effects, are immaterial to the Group. In 2013, the Group incurred acquisition-related cost at $262,000 related to external legal fees and due diligence costs. The legal fees and due diligence costs have been included in administrative expenses in the Group s income statement. The accompanying notes are an integral part of the financial statements.

14 149 ANNUAL REPORT 2014 These notes form an integral part of and should be read in conjunction with the accompanying financial statements. 1. General The Company is a public limited company domiciled and incorporated in Singapore. The address of the Company s registered office and principal place of business is 1 Ang Mo Kio Electronics Park Road #07-01 ST Engineering Hub, Singapore The Company s immediate and ultimate holding company is Temasek Holdings (Private) Limited, a company incorporated in Singapore. The principal activities of the Company are those of an investment holding company and the provision of engineering and related services. The principal activities of the subsidiaries are set out in Note 13 to the financial statements. The financial statements of Singapore Technologies Engineering Ltd and the consolidated financial statements of Singapore Technologies Engineering Ltd and its subsidiaries (collectively referred to as the Group ) as at and for the year then ended were authorised and approved by the Board of Directors for issuance on 26 February Basis of financial STATEMENTS preparation The financial statements are prepared in accordance with Singapore Financial Reporting Standards ( FRS ). The financial statements have been prepared on the historical cost convention, except as disclosed in the accounting policies below. The financial statements are presented in Singapore dollars which is the Company s functional currency. All values are rounded to the nearest thousand ($ 000) except when otherwise indicated. The preparation of the financial statements in conformity with FRSs requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses are disclosed in Note Actual results may differ from these estimates. Except for changes in accounting policies discussed in Note 3.19, the accounting policies set out below have been consistently applied by the Company and the Group and are consistent with those used in the previous year. 3. Summary of significant accounting policies 3.1 Basis of consolidation (i) Business combinations Business combinations are accounted for using the acquisition method in accordance with FRS 103 Business Combination as at the acquisition date, which is the date on which control is transferred to the Group. Goodwill that arises upon the acquisition of subsidiaries is included in intangible assets. For the measurement of goodwill at initial recognition, refer to Note 3.5(i). The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in profit or loss. Costs related to the acquisition, other than those associated with the issue of debt or equity securities, that the Group incurs in connection with a business combination are expensed as incurred.

15 150 ST ENGINEERING / ABOVE & BEYOND 3. Summary of significant accounting policies (continued) 3.1 Basis of consolidation (continued) (i) Business combinations (continued) Any contingent consideration payable is recognised at fair value at the acquisition date. If the contingent consideration is classified as equity, it is not re-measured and settlement is accounted for within equity. Otherwise, any subsequent changes to the fair value of the contingent consideration are recognised in profit or loss. Non-controlling interests ( NCI ) that are present ownership interests and entitle their holders to a proportionate share of the acquiree s net assets in the event of liquidation are measured either at fair value or at the NCI s proportionate share of the recognised amounts of the acquiree s identifiable net assets, at the acquisition date. The measurement basis taken is elected on a transaction-by-transaction basis. All other NCI are measured at acquisition-date fair value, unless another measurement basis is required by FRSs. Changes in the Group s interest in a subsidiary that do not result in a loss of control are accounted for as transactions with owners in their capacity as owners and therefore no adjustments are made to goodwill and no gain or loss is recognised in profit or loss. Adjustments to NCI arising from transactions that do not involve the loss of control are based on a proportionate amount of the net assets of the subsidiary. (ii) Subsidiaries Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to or has rights to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. Consistent accounting policies are applied to like transactions and events in similar circumstances. Losses applicable to the non-controlling interests in a subsidiary are allocated to the non-controlling interests even if doing so causes the non-controlling interests to have a deficit balance. In the Company s separate financial statements, investments in subsidiaries are accounted for at cost less accumulated impairment losses. (iii) Acquisitions of entities under amalgamation The Company s interests in Singapore Technologies Aerospace Ltd, Singapore Technologies Electronics Limited, Singapore Technologies Kinetics Ltd, and Singapore Technologies Marine Ltd (collectively referred to as the Scheme Companies ) resulted from the amalgamation of the Scheme Companies pursuant to a scheme of arrangement under Section 210 of the Companies Act, Chapter 50 in As the amalgamation of the Scheme Companies constitutes a uniting of interests, the pooling of interests method has been adopted in the preparation of the consolidated financial statements in connection with the amalgamation. Under the pooling of interests method, the combined assets, liabilities and reserves of the pooled enterprises are recorded at their existing carrying amounts at the date of amalgamation. The excess or deficiency of amount recorded as share capital issued (plus any additional consideration in the form of cash or other assets) over the amount recorded for the share capital acquired is recorded as capital reserve. (iv) Loss of control Upon the loss of control, the Group derecognises the assets and liabilities of the subsidiary, any noncontrolling interests and the other components of equity related to the subsidiary. Any surplus or deficit arising on the loss of control is recognised in profit or loss. If the Group retains any interest in the previous subsidiary, then such interest is measured at fair value at the date that control is lost. Subsequently, it is accounted for as an equity-accounted investee or as an available-for-sale financial asset, depending on the level of influence retained.

16 151 ANNUAL REPORT Summary of significant accounting policies (continued) 3.1 Basis of consolidation (continued) (v) Investments in associates and joint ventures (equity-accounted investees) Associates are those entities in which the Group has significant influence, but not control or joint control, over the financial and operating policies. Significant influence is presumed to exist when the Group holds between 20% or more of the voting power of another entity. A joint venture is an arrangement in which the Group has joint control, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. Investments in associates and joint ventures are accounted for by the Group using the equity method and are recognised initially at cost, which includes transaction costs. The consolidated financial statements include the Group s share of the profit or loss and other comprehensive income from the date that significant influence or joint control commences until the date that significant influence or joint control ceases. When the Group s share of losses exceeds its interest in an equity-accounted investee, the carrying amount of the investment, including any long-term interest, is reduced to zero, and the recognition of further losses is discontinued except to the extent that the Group has an obligation to fund the investee s operations or has made payments on behalf of the investee. In the Company s separate financial statements, investments in associates and joint ventures are accounted for at cost, less accumulated impairment losses. (vi) Transactions eliminated on consolidation 3.2 Foreign currency All significant inter-company balances and transactions are eliminated on consolidation. (i) Foreign currency transactions Transactions in foreign currencies are translated to the respective functional currencies of the Company and its subsidiaries and are recorded on initial recognition in the functional currencies at exchange rates approximating those ruling at the transaction dates. The major functional currencies of the Group entities are Singapore dollar, United States dollar and Euro. Monetary assets and liabilities denominated in foreign currencies are translated at the closing rate of exchange ruling at the balance sheet date. Non-monetary items in a foreign currency that are measured in terms of historical cost are translated using the exchange rates as at the date of the transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. Monetary item carried at amortised cost in the functional currency at the beginning of the year, adjusted for effective interest and payments during the year and the amortised cost in foreign currency are translated at the exchange rate at the end of the year. Foreign currency differences arising on retranslation are recognised in profit or loss, except for differences arising on the retranslation of available-for-sale equity instruments, a financial liability designated as a hedge of the net investment in a foreign operation to the extent that the hedge is effective, or qualifying cash flow hedges to the extent the hedge is effective, which are recognised in other comprehensive income.

17 152 ST ENGINEERING / ABOVE & BEYOND 3. Summary of significant accounting policies (continued) 3.2 Foreign currency (continued) (ii) Foreign operations The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated to Singapore dollars at exchange rates at the reporting date. The income and expenses of foreign operations are translated to Singapore dollars using exchange rates at the date of the transactions. Foreign currency differences are recognised in other comprehensive income and presented in the foreign currency translation reserve in equity. However, if the foreign operation is a non wholly-owned subsidiary, then the relevant proportionate share of the translation difference is allocated to the non-controlling interests. When a foreign operation is disposed of such that control, significant influence or joint control is lost, the cumulative amount in the foreign currency translation reserve related to that foreign operation is reclassified to profit or loss as part of the gain or loss on disposal. When the Group disposes of only part of its interest in a subsidiary that includes a foreign operation while retaining control, the relevant proportion of the cumulative amount is re-attributed to non-controlling interests. When the Group disposes of only part of its investment in an associate or joint venture that includes a foreign operation while retaining significant influence or joint control, the relevant proportion of the cumulative amount is reclassified to profit or loss. When the settlement of a monetary item receivable from or payable to a foreign operation is neither planned nor likely in the foreseeable future, foreign exchange gains or losses arising from such a monetary item are considered to form part of a net investment in a foreign operation and are recognised in other comprehensive income, and presented in the foreign currency translation reserve in equity. 3.3 Financial instruments (i) Non-derivative financial assets Financial assets are recognised on the balance sheet when, and only when, the Group becomes a party to the contractual provisions of the financial instrument. All regular way purchases and sales of financial assets are recognised on the trade date, i.e., the date that the Group commits to purchase or sell the asset. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the period generally established by regulation or convention in the marketplace concerned. The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. Any interest in transferred financial assets that is created or retained by the Group is recognised as a separate asset or liability. Financial assets and liabilities are offset and the net amount presented in the balance sheet when, and only when, the Group has a legal right to offset the amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. The Group classifies non-derivative financial assets into the following categories: financial assets at fair value through profit or loss, loans and receivables and available-for-sale financial assets. The Group determines the classification of its financial assets after initial recognition and, where allowed and appropriate, reevaluates this designation at each financial year-end.

18 153 ANNUAL REPORT Summary of significant accounting policies (continued) 3.3 Financial instruments (continued)) (i) Non-derivative financial assets (continued) Financial assets at fair value through profit or loss Financial assets held for trading are classified as financial assets at fair value through profit or loss. Financial assets held for trading are financial assets acquired principally for the purpose of selling in the near term. Financial assets at fair value through profit or loss are measured at fair value and gains or losses arising from change in the fair values are recognised in profit or loss. Attributable transaction costs are recognised in profit or loss as incurred. Loans and receivables Loans and receivables are financial assets with fixed or determinable payments that are not quoted in an active market. Such assets are recognised initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, loans and receivables are measured at amortised cost using the effective interest method, less any impairment losses. Gains or losses are recognised in profit or loss when the loans and receivables are derecognised or impaired, as well as through the amortisation process. Loans and receivables comprise cash and cash equivalents, and trade and other receivables (including finance lease receivables and amounts due from related parties). Cash consists of cash on hand and cash with banks or financial institutions, including fixed deposits. Cash equivalents are short-term and highly liquid investments that are readily convertible to known amounts of cash and that are subject to insignificant risk of changes in value. For the purpose of the statement of cash flows, cash and cash equivalents also include bank overdrafts that are repayable on demand and form an integral part of the Group s cash management. Available-for-sale financial assets Available-for-sale financial assets are those financial assets that are designated as available-for-sale or are not classified in any of the three preceding categories. Available-for-sale financial assets are recognised initially at fair value plus any directly attributable transaction costs. After initial recognition, the changes in fair value are recognised in other comprehensive income and presented in the fair value reserve in equity, except for impairment losses and foreign exchange differences on available-for-sale debt instruments, until the financial asset is derecognised. Upon derecognition, the cumulative gain or loss previously recognised in other comprehensive income is reclassified from equity to income statement as a reclassification adjustment. The fair value of available-for-sale financial assets that are actively traded in organised financial markets is determined by reference to quoted market prices at the close of business on the balance sheet date. For those financial assets where there is no active market, fair value is determined using valuation techniques. Such techniques include using recent arm s length market transactions; reference to the current market value of another instrument, which is substantially the same; discounted cash flow analysis and option pricing models. For those financial assets where there is no active market and where fair value cannot be reliably measured, they are measured at cost. Available-for-sale financial assets comprise equity securities and bonds.

19 154 ST ENGINEERING / ABOVE & BEYOND 3. Summary of significant accounting policies (continued) 3.3 Financial instruments (continued) (ii) Non-derivative financial liabilities Financial liabilities are recognised on the balance sheet when, and only when, the Group becomes a party to the contractual provisions of the financial instrument. The Group derecognises a financial liability when its contractual obligations are discharged, cancelled or expire. Financial liabilities for contingent consideration payable in a business combination are initially measured at fair value. Subsequent changes in the fair value of the contingent consideration are recognised in profit or loss. Financial assets and liabilities are offset and the net amount presented in the balance sheets when, and only when, the Group has a legal right to offset the amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. Non-derivative financial liabilities are recognised initially at fair value plus directly attributable transaction costs. Subsequent to initial recognition, these financial liabilities are measured at amortised cost using the effective interest method. The Group s financial liabilities comprise bank overdrafts, trade and other payables (including lease obligations and amounts due to related parties), and borrowings. (iii) Share capital Ordinary shares Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity, net of any tax effects. (iv) Treasury shares When ordinary shares are reacquired by the Company, the consideration paid is recognised as deduction from equity. Reacquired shares are classified as treasury shares. When treasury shares are sold, or re-issued subsequently, the cost of treasury shares is reversed from treasury shares account and the realised gain or loss on transaction is presented as a change in equity of the Company. No gain or loss is recognised in profit or loss. Treasury shares have no voting rights and no dividends are allocated to them. (v) Derivative financial instruments and hedge accounting The Group uses derivative financial instruments such as forward currency contracts, interest rate swaps and cross currency swaps to hedge its risks associated with foreign currency and interest rate fluctuations. From time to time, the Group also uses monetary assets and liabilities and embedded derivatives as hedging instruments to hedge its risks associated with foreign currency fluctuations. Embedded derivatives are separated from the host contract and accounted for separately if the economic characteristics and risks of the host contract and the embedded derivatives are not closely related, a separate instrument with the same terms as the embedded derivatives would meet the definition of a derivative, and the combined instrument is not measured at fair value through profit or loss.

20 155 ANNUAL REPORT Summary of significant accounting policies (continued)) 3.3 Financial instruments (continued) (v) Derivative financial instruments and hedge accounting (continued) On initial designation of the derivative as the hedging instrument, the Group formally documents the hedge relationship to which the Group wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge. The documentation includes identification of the hedging instrument, the hedged item or transaction, the nature of the risk being hedged and the methods used in assessing the hedging instrument s effectiveness in offsetting the exposure to changes in the hedged item s fair value or cash flows attributable to the hedged risk. The Group makes an assessment, both at the inception of the hedge relationship as well as on an ongoing basis, of whether the hedging instruments are expected to be highly effective in offsetting the changes in the fair value or cash flows of the respective hedged items attributable to the hedged risk, and whether the actual results of each hedge are within a range of 80% to 125%. For a cash flow hedge of a forecast transaction, the transaction should be highly probable to occur and should present an exposure to variations in cash flows that could ultimately affect profit or loss. Derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into. Attributable transaction costs are recognised in profit or loss as incurred. Derivatives are carried as assets when the fair value is positive and as liabilities when the fair value is negative. Subsequent to initial recognition, derivatives are measured at fair value, and changes therein are accounted for as described below. Fair value hedges The gain or loss from re-measuring the hedging instrument at fair value (for a derivative hedging instrument) or the foreign currency component of its carrying amount measured in accordance with Note 3.2(i) (for a non-derivative hedging instrument) is recognised in profit or loss. The gain or loss on the hedged item attributable to the hedged risk is recognised in profit or loss. When an unrecognised firm commitment is designated as a hedged item, the subsequent cumulative change in the fair value of the firm commitment attributable to the hedged risk is recognised as an asset or liability with a corresponding gain or loss recognised in profit or loss. The changes in the fair value of the hedging instrument are also recognised in profit or loss. The Group discontinues fair value hedge accounting if the hedging instrument expires or is sold, terminated or exercised, the hedge no longer meets the criteria for hedge accounting or the Group revokes the designation. Any adjustment to the carrying amount of a hedging instrument for which the effective interest method is used is amortised in the income statement. Amortisation may begin as soon as an adjustment exists and shall begin no later than when the hedged item ceases to be adjusted for changes in its fair value attributable to the risk being hedged. Cash flow hedges The portion of the gain or loss on a derivative designated as the hedging instrument that is determined to be an effective hedge is recognised in other comprehensive income and presented in the fair value reserve in equity, while the ineffective portion is recognised immediately in profit or loss. Amounts taken to equity are transferred to profit or loss when the hedged transaction affects profit or loss, such as when hedged financial income or financial expense is recognised, or when a forecast sale or purchase occurs. When the hedged item is a non-financial asset or liability, the amounts taken to equity are transferred to the initial carrying amount of the non-financial asset or liability. If the forecast transaction is no longer expected to occur, amounts previously recognised in equity are transferred to profit or loss. If the hedging instrument expires or is sold, terminated, or exercised without replacement or rollover, or if its designation as a hedge is revoked, amounts previously recognised in equity remain in equity until the forecast transaction occurs. If the related transaction is not expected to occur, the amount is then transferred to profit or loss.

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